Finance & Capital Management

Salt Lake City - Phillips Edison & Co. is introducing a new program created to empower and prepare emerging leaders for a successful future. Innovation Labs is a professional development series that places associates from various departments on a team and assigns a real-life challenge facing the company.

New York -- Surging rents in Manhattan have claimed another victim, and this time it's one of the city's most iconic retail establishments. F.A.O. Schwarz will close its legendary toy store on Fifth Avenue this summer, citing the high and rising costs of operating a store on one of the city's most pricey blocks of real estate. Toys "R" Us, which acquired F.A.O. Schwarz in 2009, said it will close the 45,000-sq.-ft.

Photo: Dov Charney

Los Angeles – In the latest set of dueling lawsuits to hit a major retailer, American Apparel is suing its founder and ousted CEO Dov Charney for violating a standstill agreement with the company. Standstill agreements typically limit the amount of stock in a company a party can buy during a certain period of time.

New York – Sean P. Murphy has been hired as a consultant to advise management regarding strategic and other business matters. As a result, Murphy has resigned from Ralph Lauren’s board of directors.

Murphy served on Ralph Lauren’s board since November 2005. He was the CEO of Christie’s International from September 2010 through December 2014. He previously served as the president and CEO of Rodale Inc. from 2002 to December 2009, and joined Rodale in 2000 as its president and COO.
 

Corte Madera, Calif. - RH (Restoration Hardware Holdings Inc.) is reportedly planning to open a more than 70,000-sq.-ft. RH Gallery format store at the Tivoli Village upscale shopping center in Las Vegas. According to the Las Vegas Review Journal, the store would be the largest Restoration Hardware location in the U.S.

Boca Raton, Fla. – Office Depot is seeking a shareholder vote on its proposed $6.3 billion merger with Staples Inc. at its annual meeting on June 19. According to a statement filed with the Securities and Exchange Commission (SEC), Office Depot is requesting that shareholders approve the proposed acquisition by Staples.

In addition to approval by Office Depot shareholders, the agreement also needs to be approved by the Federal Trade Commission (FTC). With all approvals in place, the deal would finalize by the end of 2015.

Alpharetta, Ga. - McAlister's Deli has signed three development agreements with new and existing franchisees to open restaurants in Southern Georgia and North, Central and Southwest Florida.

Existing franchisee DMAC 81 LLC, based in Summerville, South Carolina, plans to open several new restaurants between southern Georgia and northern Florida.

Kohl’s is preparing to open a store in Southern New Jersey called "Off Aisle by Kohl's," a name that suggests the company may be following the lead of other retailers opening off-price formats.

It is not readily apparent what the assortment or pricing will be at the new offering from Kohl's. Multiple attempts to reach representatives at Kohl's were unsuccessful.